Ethics

Reporting Practices and Ethics

Angela Ward

September 13, 2013

HCS-405/Mike Shinn

Reporting Practices and Ethics

Financial reporting is becoming a major problem within the healthcare organizations and the lack of morals and ethics is behind the problems with unethical financial reporting. Within the healthcare organization one must display morals and ethical standards when making ethical decisions. When reporting finances in healthcare financial managers should practice good ethical decision making by considering ethical principles such as; justice, autonomy and beneficence .

If it is practiced correctly the study of healthcare financial management can be very captivating and rewarding. There are four recognized elements of financial management and if they are used properly with good ethical business decisions financial reporting could be easily done.

The four elements of financial management are; planning, controlling, organizing and directing and decision making (Baker, J. J., & Baker, R. W., 2011).

Planning is when the financial manager of a company takes the initiative to identify needed steps in order to reach the company’s main goals. Once the financial managers have identified the steps that need to be taken he/she must make sure each area of their organization is following that plan. This is considered controlling the plan that has been put forth. According to Baker & Baker (2011) managers can do this by monitoring and studying current reports as well as comparing the reports.

The third element of financial management is organizing and directing. Organizing will make it easier for financial managers to decide on ways to use the company resources to make sure the plans are successfully carried out. Once the financial manager has made sure the plans have been carried out and the results are running efficiently day to day, this is considered directing (Baker, J. J., & Baker, R. W., 2011). The final element of financial management...